Condo.com Blog

Regulators Seize 2 More Banks, Latest Losses Estimated At $50 Million

Sun, 12 Oct 2008 22:23:54 GMT

As the Treasury Department works feverishly to stabilize the U.S. financial system, regulators were busy Friday, Oct. 10, seizing two more banks in emergency actions that are estimated to cost between $45 million and $54 million.

Main Street Bank, a $98 million in assets institution based in Northville, Mich., and Meridian Bank, a $39 million in assets institution headquartered in Eldred, Ill., were the 14th and 15th institutions, respectively, to be shut by banking regulators in 2008.

The failures of Main Street Bank and Meridian Bank mark the first two institutions to be seized in the fourth quarter, after nine institutions were shuttered in the third quarter at an estimated cost of between $5.7 billion and $10 billion, according to the Federal Deposit Insurance Corp.

Regulators shut two institutions in the second quarter at an estimated cost of $216 million and two more institutions in the first quarter at an expense of nearly $6 million, according to the FDIC, which insures deposits up to a newly increased amount of $250,000.

The deposit insurance amount was raised from $100,000 through the end of 2009 with the recent passage of the $700 billion federal bailout package officially known as the Emergency Economic Stabilization Act of 2008.

Wachovia Bank, a $782 billion in assets institution based in North Carolina, avoided also being shuttered by regulators in the third quarter only when the North Carolina-based organization was able to reach a deal to be acquired. At first Citigroup, which operates the $1.3 trillion in assets Citibank institution, was the announced suitor, but Wells Fargo Bank ultimately was the highest bidder for the Wachovia franchise.

The bank failures have been scattered throughout the United States. California, Nevada, and Missouri lead the nation in failed institutions with two banks each. Florida, Arkansas, Minnesota, Kansas, Georgia, West Virginia, Washington state, and of course Michigan and Illinois each have had one institution shuttered this year.

At the time of the seizure, Main Street Bank was a four-year-old institution operating two locations in the Greater Detroit area, which has been devastated by job loss and plummeting real estate values.

Main Street reported a loss of -$6.5 million through June 30, a dramatic drop from an already disappointed first quarter when the bank lost nearly -$3.2 million on March 31, according to the FDIC.

Main Street’s losses were tied primarily to the bank’s excessive noncurrent loans to loans ratio of 9.32 percent on June 30, and 11.11 percent on March 31. Real estate-related loans accounted for the super majority of the noncurrent loans.

In anticipation of the seizure, regulators worked out a deal whereby all of Main Street Bank’s deposits were assumed by nearby Monroe Bank & Trust, a 103-year-old institution with assets of $1.5 billion and 25 locations with the headquarters in Monroe, Mich.

Monroe Bank has also agreed to purchase at least $17 million of Main Street’s assets. For the next 90 days, Monroe Bank has an option to purchase an additional $1.1 million in “premises and fixed assets” from the FDIC, which is acting as Main Street’s receive. Anything not purchased by Monroe Bank will be disposed of in the future by the FDIC.

“The FDIC estimates that the cost to its Deposit Insurance Fund will be between $33 million and $39 million,” according to an FDIC statement. “Monroe Bank & Trusts' acquisition of all deposits was the ‘least costly’ resolution for the FDIC's Deposit Insurance Fund compared to all alternatives because the expected losses to uninsured depositors were fully covered by the premium paid for the failed bank's franchise.”

Main Street Bank is the first Michigan bank to fail since March 2002 when New Century Bank in Shelby Township was seized by regulators

Five hundred miles away in western Illinois, regulators seized the 98-year-old Meridian Bank and its five branch locations to market the 15th institution to fail this year.

In the lead up to the seizure, Meridian had lost -$843,000 on June 30, and an additional -$706,000 on March 31, according to the latest FDIC data.

Meridian’s noncurrent loans to loans ratio has remained steady at an above average 6.42 percent in the first two quarters of the year. In addition to nonperforming real estate loans, Meridian also had a growing list of troubled commercial and industrial loans, which together combined to spell the end of the nearly century old institution.

In a preemptive maneuver, regulators worked out a deal whereby Meridian’s $36.9 million deposits would all be assumed by National Bank, a 63-year-old institution with $212 million in assets and 10 locations based in Hillsboro, Ill.

National Bank has also agreed to purchase about $7.6 million worth of assets from the failed Meridian Bank.

“The FDIC estimates that the cost to its Deposit Insurance Fund will be between $13 million and $14.5 million. National Banks' acquisition of all deposits was the ‘least costly’ resolution for the FDIC's Deposit Insurance Fund compared to all alternatives,” according to an FDIC statement.

Meridian Bank is the first Illinois bank to be seized by regulators since June 2002 when Universal Federal Savings Bank in Chicago was taken over.

In the first 10 days of the fourth quarter, regulators are on pace to shut an institution once every five days. In the third quarter, regulators seized a bank once every 10 calendar days.

Prior to the seizure of Main Street and Meridian banks, the last institutions to be shut by regulators was Washington Mutual Bank on Sept. 25.

A week earlier on Sept. 19, regulators shut down Ameribank Inc., a 102-year-old community bank based in West Virginia with links to Florida.Prior to the Ameribank’s closure, Silver State Bank in the Las Vegas suburb of Henderson was the last institution to be shut, that occurring on Sept. 5.

Silver State Bank was the second Nevada institution to fail this year. In July, banking regulators shut down the First National Bank of Nevada in Reno, which along with the First Heritage Bank in Newport Beach, Calif., was owned by First National Bank Holding Co. in Scottsdale, Ariz.

A host of other banks are being closely monitored by industry watchers who anticipate further failures this year, especially in Sun Belt states where the housing crisis has hit hardest.

Before regulators shuttered Ameribank and Silver State Bank, the focus of examiners was on Greater Atlanta-based Integrity Bank, a $1.1 billion in assets institution that was shut on Aug. 29.Working down the list of failed lenders, regulators seized Columbian Bank and Trust Co., a $752 million in assets institution based in Topeka, Kansas, on Aug. 22.

Three weeks earlier on Aug. 1, regulators shut First Priority Bank of Bradenton, a six branch institution with $261 million in assets located on the state’s west coast.

First Priority’s closing marked the first Florida institution to be closed by regulators in more than four years.On July 11, federal regulators shut down IndyMac Bank, a $32 billion institution based in Pasadena, Calif. The estimate cost of that seizure is between $4 billion and $8 billion, according to the FDIC.]

Before IndyMac, regulators seized Minnesota-based First Integrity Bank with $54.7 million in total assets and $50.3 million in total deposits on May 30; Arkansas-based ANB Financial with $2.1 billion in total assets and $1.8 billion in total deposits on May 9; Missouri-based Hume Bank with total assets of $18.7 million and total deposits of $13.6 million on March 7; and Missouri-based Douglas National Bank with $58.5 million in total assets and $53.8 million in total deposits on January 25, according to the FDIC.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .

Copyright © 2008, Condo Vultures® LLC

Beautiful bright and spacious one bedroom and two full bathrooms unit on Dilworth Mountain, Kelowna.

Sun, 12 Oct 2008 08:28:10 GMT

Beautiful bright and spacious one bedroom and two full bathrooms unit on Dilworth Mountain, Kelowna.

A quiet ideal location-close to from everything!

6 appliances included , featuring a cozy gas fireplace, quiet side of the building,balcony, storage locker,secure underground parking.

Fully furnished ready for personal use or vacation rentals!

Ready for immediate occupancy!

Property statistics:

Price: $ 224,900

living area: 700 sq.ft

Strata fees: $ 157

Parking: one secure underground parking space

Bedrooms: 1

Bathrooms: 2 full

Roof: laminated shingle

Heat: electric baseboard

Cool: A/C wall units

Year built: 1996

Additional Features

* In unit Laundry

* Landscaped Grounds

* Premium Central Location

* Secured Entry

* Additional Storage

Sale by owner:

Please call: 250-470-9283 or 250-717-6083

or email: evelikov@yahoo.com to view.

South Florida Properties Tumble -$1.05 Billion From Historical Highs

Fri, 10 Oct 2008 22:56:52 GMT

As the global markets tumble, nearly 4,500 coastal residential properties in Miami-Dade, Broward, and Palm Beach counties have fallen by a combined value of -$1.05 billion, or an average of -33 percent, off of their historical highs, according to a new Vultures Database™ report from Condo Vultures® LLC.

The average asking price in the Vultures Database™ was down by -$234,547 per property on Sept. 30 compared to a discount of -$227,330, or -32 percent, per property a month earlier on Aug. 31, according to the report by the Bal Harbour, Fla.-based consultancy.

As the discounts have deepened for coastal South Florida properties, the inventory has steadily decreased due to increased buying activity.

For September, there were 4,456 residences being tracked in the Vultures Database™, compared to 4,647 properties in August, according to the report.

“The stock market uncertainty and the strengthening U.S. dollar are prompting an increasing number of people to look more closely at brick-and-mortar investments," said Peter Zalewski, a principal with Condo Vultures® LLC that released the report . "If someone is adopting that strategy, the fundamentals – population, weather, product quality, and land constraints – of South Florida make the region a viable option for many.”

Condominiums, townhouses, and single-family houses located east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties are added to the Vultures Database™ once the asking prices are reduced by at least 10 percent or $100,000.

Condominiums represent 69.4 percent of the total inventory, with 3,093 units in the Vultures Database™. Houses and townhouses make up the remaining 30.6 percent of the inventory, or 1,363 properties, according to the report.

For August, condominiums accounted for 68.8 percent, or 3,196 units, of the total inventory in the Vultures Database™. Single-family houses and townhouses represented 31.2 percent, or 1,451 residences, of the total inventory, according to the report.

Palm Beach County is increasingly offering the deepest discounts in condominiums in the Vultures Database™, with Royal Palm Beach ranking No. 1 with an average reduction of -52 percent. Delray Beach is second with an average price drop of -51 percent.

Rounding out the top five rankings are the cities of Boca Raton in Palm Beach County, Oakland Park in Broward County, and North Miami in Miami-Dade County, which are all tied for the No. 3 ranking with an average discount of -40 percent, according to the report.

The cities with the deepest discounts in single-family houses and townhouses are scattered throughout South Florida's three counties.

Palm Beach ranks No. 1 with a -56 percent discount. Boynton Beach ranks second with a discount of -52 percent. Oakland Park is No. 3 with a -44 percent drop. Rounding out the top five rankings are Hallandale Beach in Broward County with a -39 percent drop for the No. 4 spot, and in fifth position are the cities of Bay Harbor Islands in Miami-Dade County and Lantana in Palm Beach County with an average discount of -38 percent each, according to the report.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .

Copyright © 2008, Condo Vultures® LLC

Elementhal

Fri, 10 Oct 2008 14:31:06 GMT

Elementhal

Consists of 3 departments towers built on a plot of approximately 1.5 hectares. Each tower has 20 levels which are distributed in 72 departments of 6 types.

For the characteristics of the project and its strategic location at the corner of Ave. Bonampak with La Rambla, Elementhal aims to meet the demand that exists in Cancun for a project that offers urban lifestyle combined with the natural wonders that exist in this place. Elementhal offer its inhabitants commonly used areas of highest level among which are; pool, channel swim, paddle tennis, palapa multipurpose, spa and business center.

Ameneties

>Pool with sundeck
>Gym
>2 paddle
>Channel swim
>Play areas for children
>Business Centre
>Guest Parking
>Security

For more info about elementhal click on the next link: http://www.realestateadvisor.ewebsite.com/articles/developments/elementhal

Alisio Residentian Cancun

Fri, 10 Oct 2008 01:34:10 GMT

Alisio Residential

Anything that makes your life so special

Alisios Residential + Cancun gives you access to quality, luxury and comfort you were expecting. The best proposal residential area combining design, landscape and extraordinary location. If your life choose to have wonderful views toward the Nichupte Lagoon, Caribbean Sea and Isla Mujeres, with large terraces, a functional and elegant architecture and extensive gardens designed for your entire family, Alisios Residential awaits you.

Quality, comfort and luxury
All that you are looking to realize the dream of living in a different space now at your fingertips. Alisios Residential + Cancun offers access to quality, luxury and comfort you were expecting.

Views
One of the great attractions of Alisios Residential + Cancun are its wonderful uninterrupted views today and in future Nichupte Lagoon, Caribbean Sea and Isla Mujeres.

Amenities

Extensive gardens
Large and pleasant areas for sunbathing
Two elevated by Torre
Two parking spaces covered by department
Spacious balconies with glass and aluminum handrails
Kitchen
Preparing for protections anticiclónicas
A warehouse storage by department
Treatment of drinking water
Air Conditioning
Pool with chapoteadero
Hall events and palapa
Access control automatic
Area outdoor children's play
Paddle tennis
Gym, toilets and changing rooms
Multipurpose Hall
Club House
Booth access
Several sites of interest are less than 400 metres from the Residential Development Alisios + Cancun, as the Plaza Shopping Center americas, the bullring, the Golf Course and the Navy of Puerto Cancun, still under construction.

For more info about ALISIO, click on: http://www.realestateadvisor.ewebsite.com/articles/developments/alisio-cancun

WISE INVESTMENT

Thu, 09 Oct 2008 22:41:24 GMT

The perfect investment opportunity that is "uniquely Boracay...perfectly Tagaytay".

...with first-class amenities never before seen in a Residential Condo Resort development in the Philippines -- a Man made beach with white sand and artificial waves, a 15-20 storey Observation Tower that will give you a magnificent 360 degree view of the Metro, a Man made Lagoon with kayaks & water bikes, a Promenade with shops of world-class brands and more...

For inquiries/reservation email me at cblas.landenmore@gmail.com. Thanks!

Toscano Condo Dadeland

Thu, 09 Oct 2008 18:30:05 GMT

Toscano Condo Dadeland

TOSCANO CONDOMINIUM FEATURES & AMENITIES
Toscano's luxury amenities reflect the highest quality of craftsmanship, design and attention to detail. They are as beautiful as they are functional. In addition, a variety of special features and services are yours for the asking. Toscano's elegant environment of pampering and prestige is unsurpassed in Dadeland.

It's no secret that the Dadeland area is booming, rivaling South Beach as one of South Florida's most desirable real estate hot-spots. Located just across the street from Dadeland Mall-one of the nation's great shopping meccas Toscano rises up from the very heart of this modern urban renaissance.

Toscano Condo Dadeland - Sale Rent Condos

Construction Crane Comes Down At Miami Condo Tower

Thu, 09 Oct 2008 16:22:49 GMT

The construction crane building the new Marquis condominium on Biscayne Boulevard in the Greater Downtown Miami area is coming down this week, symbolizing the end of the vertical residential development era in the area for several years.

Workers are disassembling the construction crane that was instrumental in putting up the 67-story, 306-unit Marquis condominium tower located immediately south of the MacArthur Causeway with east views of the proposed Museum Park, Biscayne Bay, and barrier island.

The removal of the Marquis condominium construction crane means there will be only
two residential cranes still left standing from a peak of 40 about 18 months ago. (Three office towers are under construction currently.)

The next residential crane likely to be removed in the upcoming weeks will be at the 51-story, 530-unit Mint condominium site on the north bank of the Miami River.

The last crane expected to be disassembled will be at the 47-story, 346-unit Paramount Bay condominium site in the Biscayne Boulevard Corridor.

Paramount Bay is the project where a piece of the crane fell to the ground, killing two workers in March 2008.

The Greater Downtown Miami is considered by most to be the epicenter of the Florida housing crash as 74 condos with nearly 23,000 new units have been built or are under construction in a 60-block stretch between 2003 and 2010. In the 40 years prior to the boom years, developer constructed a total of 11,500 units in the same area, according to the Condo Vultures® Official Condo Buyers Guide To Miami.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .

Copyright © 2008, Condo Vultures® LLC

Bailout Stress

Thu, 09 Oct 2008 05:01:20 GMT

The $700 billion financial industry bailout law can make a recession better and shorter, but it won’t stop the economic and housing downturns in their tracks.Homeowners who are in financial trouble won’t see a quick fix to their own problems.

The economic package authorizes the federal government to buy billions of dollars in bad mortgages and other debt, taking the troubled loans off the books of financial firms. The taxpayer-funded bailout will free up credit markets and allow banks to lend again then the government can resell to free the assets.

Hope for Homeowners plan and Bankruptcy court judges already have the power to reduce debts owed on vacation homes, cars or boats, and structure repayment plans based on the lower amount allowing the same treatment for mortgages on primary residences would help many people avoid foreclosure.

The bailout was necessary to at least start the process of finding a way out and repair our financial system.We can eventually move that glacier !

Visit any time www.brendakingrealtor.com

Jury Sides With El-Ad Group In Plaza Name Battle

Thu, 09 Oct 2008 05:00:49 GMT

Awhile back the El-Ad Group was brought to court on accusations of trademark infringement by down town Plaza owner Tamares’ Poju Zabludowicz. After months of court hearings and a jury's deliberation the El-Ad Group has been cleared of any wrong doing. To read the story in full CLICK HERE

Construction on the El-Ad Groups Multi Billion Dollar replica of the Plaza New York in 2010. Once completed the site will have ultra luxury condominiums a hotel world class dining, shopping, and so much more. If you would like to receive more information regarding the future Plaza opportunity or any other Las Vegas High Rise Condo fell free to contact me by clicking here.

Certified New Homes Specialist working hard for you!

Thu, 09 Oct 2008 01:44:17 GMT

Misty Robertson has completed the real estate industry’s most comprehensive new home sales course to earn her national certification as a Certified New Home Specialist™. With this certification, I join a group dedicated to providing the highest level of professionalism and service to builders and new home buyers.

“This course is recognized as one of the very best ever offered in real estate,” . “The training covered architectural design and planning, blueprint reading, topography, building site design, evaluating quality construction, materials, methods, construction terminology and scheduling. We also studied successful buyer/builder relations, all aspects of customer service and the use of various organizational tools and systems. I’ll be able to do a much better job of assisting anyone interested in a brand new or existing home.”

Looking for that special home to make your own, please call me I work 7 days a week to get proven results!

Misty Robertson
Realtor,CNHS,RCC

Looking to buy Condo projects

Wed, 08 Oct 2008 23:04:02 GMT

We are purchasers of distressed condominium projects. Will look at ground up or conversions where we can buy at least 50% of the units. Markets are CA, AZ and NV in the $5-30mm range. Please email me at ed.aloe@calcapadvisors.com or call me direct at 626.535.5873.

http://www.calcapadvisors.com

ArTech Aventura - The Modern Luxury of Aventura

Tue, 07 Oct 2008 19:14:48 GMT

ArTech Aventura is the newest building in Aventura that offer unique one and two level town home style living. This modern and dramatic building that resemble cruise ship of the future has been designed by world famous architect Carlos Ott. Perfectly located on 188th street behind Loehmann’s Fashion Island of Aventura close to restaurants, bars and shopping centers. ArTech Aventura offers luxurious amenities including state of the art fitness gym, Turkish bath, Massage rooms, private cinema, 2 tennis courts, racquett ball, Lounge Party Room, one of a kind pool, one of the largest pools found in the Unites State in a residential building. Easy to show.

Real Estate Investors to Benefit from Current Crisis

Tue, 07 Oct 2008 18:48:07 GMT

The current market today is one of confusion. For the last 5 years the market was one of euphoria with residential homes and condominiums magically transformed from living quarter into an investment. The incentive for this investment was the ability to perceive increasing value in residential real estate based on market demand which was fueled by the economic gain of participants in the process. Historically housing was a perfect market - if you needed a house you bought one when you had the ability to make the payments. Collapse of the residential real estate market called into question value and process of all property markets giving rise to today’s credit crisis. Commercial Loans as mirrored by CMBS showing minimal default rates have amounted to approximately $12.3Billion projected to be an annual amount of $25.2 Billion from the 2007 mark of $230.2 Billion. The results of uncertainty for Commercial developments are greater equity requirements, the inability to obtain a high Loan to Value or Cost (through revised underwriting standards), and an inability to satisfactorily price debt based on the greater perceived risk in Real Estate. For Sale Single Family, and Condominium Real Estate have witnessed a spiraling decline in values. The first part of the year has witnessed as much as 30% declines in value and even though the apartment market has been relatively stable. Even with the recent government actions there is no assurances that there will be not be future value declines..

Decrease in value was the result of loans based on unreliable investment underwriting and ratings. Today’s inability to pass risk on to others has pervaded the entire market place and lead to a lack of credit to both residential and commercial real estate projects. On a macro level the lack of confidence has lingered. The governmental oversight is looking to institute systemic adjustments to prevent further occurrence. The capital market continue to experience re-pricing, deleveraging and greater differentiation between property types and investment quality within each property type.

The government initially jumped into the situation much as the farmer who shuts the barn door after the horses have left. Coming to the rescue of major investment houses and the banking system was a worthwhile reaction to demonstrate their responsibility to regulate the economy and avert further crisis. The recent passage of the $700 Billion Plan will be the beginning of further attempts to regulate the credit markets that will reverse the adverse effects of the previous excess and put in place effective methods of restraint. Rather than exposing the problems in the banking system, The objective is to impose intelligent criteria with the objective of diminishing uneconomical lending practices.. The opportunity for the future is based on the correction of supply demand imbalance and specific requirements for creating work force, senior and student housing. The residential market in particular will need time to adjust. However, 3 to 5 years of working off the oversupply should put demand in proper perspective. The historical increase of materials, labor and normal demand should help to increase the value of intelligent investments. Furthermore, whatever inflation occurs will increase the economic value or assets purchased today. It is interesting that many foreign investors have been hedging the Euro by purchasing assets from land and other assets that institutions have been selling at discounts. Another sign of future potential is major investors in real estate are linking up with local partners who can oversee the asset to create optimum value. Real Estate continues to be a long term asset with investment for cash flow and appreciation over time. We expect the sale of these assets down the road to provide much future benefit to intelligent purchasers.

Hawaii Kai Condo Real Estate Market Update for September, 2008

Tue, 07 Oct 2008 01:45:47 GMT

While the economic news in the country is pretty grim, things here aren't so bad. Of course, lots of people are upset about the stock market, but there are not so many foreclosures as on the mainland. Inventory is increasing and prices/number of sales are going down - but we've all seen these before in other Buyer's Markets.

15 condo units sold in Hawaii Kai in September, with a median sales price of $511,000, compared to 25 sales and $517,000 a year ago. Year-to-date, 152 condo homes have sold, with a median sales price of $541,500, compared to 204 and $531,000 in 2007. So, numbers of sales are down but prices haven't decreased very much.

New listings totaled 33 in September in Hawaii Kai - compared to 32 last year - with a median list price of $555,000 vs. $600,000 a year ago. Inventory and Days on Market, island-wide, have both increased over 2007.

The numbers present a mixed message, especially if you've been watching the mainland economic news. Contact me for details on any condo or townhome complex and neighborhood in Hawaii Kai for a detailed sales analysis.

Barbara Abe, REALTOR
808-226-2537
www.movetohawaiikai.com
www.barbarashawaii.com
barbara@barbarashawaii.com

Kamiloiki in Hawaii Kai: Choices in Price and Location

Tue, 07 Oct 2008 00:15:18 GMT

There are two sections to the area in Hawaii Kai known as Kamiloiki, the Estates and the Heights. The valley floor was originally a very productive sweet potato farming area, and kamiloiki (valley) means “little milo tree,” so the milo tree must have been abundant also. Milo wood is widely used in Hawaiian decorative art.

The Estates is a development of 78 smaller houses, around 1,400+, at the mauka (mountain) end of Lunalilo Home Road. They were built from the late 1970s into the mid- 1980s. Because they don’t have an ocean view or large square footage, the values are modest for Hawaii Kai. Sales prices for nicely remodeled homes in 2007 have been from $681,000 to $769,000. Through the first six months of 2008, 2 homes sold, $685,000 and $850,000.

Kamilo Heights is the subdivision where Kamiloiki Estates ends and Lunalilo Home Road makes a “U” turn. The houses sit at the base of the mountain which forms the head of Mariners Valley. Built in the early to mid- 1990s, the 86 homes range from over 1,200 to 1,860+ sq ft. Many have nice open views looking toward Koko Crater and over Mariners Valley. In 2007, sales ranged between $665,000 to $1,095,000. Five homes have sold in 2008, from $668,800 to $850,000.

Contact me for complete details on this Hawaii Kai neighborhood, and a real estate sales analysis.

Barbara Abe, REALTOR
808-226-2537
www.movetohawaiikai.com
www.barbarashawaii.com
barbara@barbarashawaii.com

Condotels in Honolulu More Days on Market

Mon, 06 Oct 2008 01:07:22 GMT

With the more strict underwriting of loans comes higher downs for condotel's , try 30% or more depending . So many more factors involved to factor in approval , percentage of homeowner's to renter's , full kitchen , etc. On top of that the City and County of Honolulu have hit the condotel owner's with an extremely high assesed value , doesn't seem to justify what your buying. However , with so many snowbirds and visitors , including higher hotel rates contels seem to still sell ....just not so easily . I have seen prices come way down on them due to the fact that they are more days on the market and underwriting.
Caveat Emptor.
Robert Huber RA Price Realty Goup

South Florida Foreclosures Top $14B As Lehman Pursues $91M In Problem Loans

Fri, 03 Oct 2008 19:19:45 GMT

Bankrupt investment firm Lehman Brothers is foreclosing on nearly $91 million in problem South Florida loans, an amount that represents nearly 1 percent of the regional total foreclosure value through the first three quarters of 2008, according to a new report from Condo Vultures® LLC.

Most of Lehman Brothers’ bad loan amount is in Miami-Dade County, where $90 million worth of financing is in default. An additional $596,000 in residential financing is in default in Palm Beach County, and $355,000 in residential financing in Broward County, according to the Bal Harbour, Fla.-based consultancy that generated the report based on circuit court records.

The bulk of Lehman's South Florida lending was in the commercial sector, where it has 50 commercial loans with a combined value of $2.4 billion allocated. All of these loans are greater than $10 million, and most appear to be performing, according to a previous Condo Vultures® report.

Washington, in an attempt to avoid another Lehman-like failure, is working to implement a bailout package to avoid any further financial meltdown and curb the spiking number of foreclosures.

In the meantime in South Florida, lenders have been busy foreclosing between January and September filing 55,737 actions valued at more than $14.2 billion on properties in Miami-Dade, Broward, and Palm Beach counties. Condominiums and townhouses account for 16,553, or 30 percent, of the actions filed, totaling $3.4 billion, according to the report.

In what may be a surprise to some, Broward County, not Miami-Dade County, has the highest concentration of total foreclosure actions with 24,733, or 42.2 percent, of the actions filed, totaling $5.99 billion, according to the report.

Palm Beach County is second with 17,065, or 29.3 percent, of the actions filed, which totals nearly $4.2 billion. Miami-Dade , which many industry watchers consider the epicenter of the Florida housing crash, has 13,939 actions – some 28.5 percent - filed, with a value of $4 billion, according to the report.

“Broward and Palm Beach counties are experiencing the foreclosure crisis that Miami-Dade County endured in 2007,” said Peter Zalewski, a principal in Condo Vultures® LLC. “Miami-Dade’s foreclosure actions are now leveling off steadily as many of the distressed properties have already gone through the court process and are now in the hands of the lenders as Real Estate Owned (REO) properties. Going forward, look for Miami’s REO total to fall as opportunistic buyers continue to acquire these bank-owned assets at deep discounts.

“It is a different story for Broward and Palm Beach counties. We expect the number of REO properties to spike in Broward and Palm Beach counties in 2009 once all of the 2008 foreclosures run their course through the court system.”

Condo Vultures® LLC is scheduled to release its third quarter 2008 REO properties report later this month. For an advanced copy, please be sure to register for the Condo Vultures® Market Intelligence Report.

Opportunistic buyers looking for discounted condominiums and townhouses will find that the most foreclosure actions are in complexes scattered throughout Broward and Palm Beach counties.

Broward County is now home to 41.2 percent of the foreclosure actions for condominium and townhouse product. Broward has had foreclosure actions filed against 7,558 condominiums and townhouses worth $1.4 billion. Palm Beach County has had 4,042 foreclosure actions filed against condos and townhouses worth $724 million. Miami-Dade County has had 4,953 foreclosure actions filed against condos and townhouses, totaling $1.2 billion, according to the report.

In a sign of how the foreclosure crisis is spreading north, Miami-Dade County is now home to only four of the top 20 condo buildings and complexes with the highest number of foreclosure actions filed.

A year ago, Miami’s Brickell Avenue financial district had three of the top five buildings, each of these projects were located in a four block stretch in the Greater Downtown Miami area. Today, only one Brickell Avenue condominium project – the Club at Brickell Bay – ranks as one of Miami-Dade County’s top five foreclosure buildings.

Leading Miami-Dade County in foreclosure actions is the Townhomes at Keys Cove in Homestead with 70 actions valued at $11.2 million. The Parc Central Aventura condominium ranks No. 2 with 61 actions valued at $21.4 million. The Blue Lagoon condominium conversion in Miami near the international airport ranks No. 3 with 57 actions totaling $17.9 million.

In Broward, the Edgewater complex in Coral Springs ranks at the top of the list with the highest number of foreclosure actions with 102 valued at $24.5 million. The Tides on Hollywood Beach, an oceanfront condo conversion, ranks second with 96 foreclosure actions totaling $32.8 million. The Palm-Aire Country Club complex in Pompano Beach ranks third with 94 foreclosure actions totaling $12.7 million.

Palm Beach County is home to the single complex with the highest number of foreclosure actions.

The Ponte Verde at Palm Beach Lakes has 120 actions valued at $22.6 million. The St. Andrews
Palm Beach is a distant second in the county with 74 actions filed worth $8.9 million. Cityside Condo and the Spa at Sunset Isles, both in West Palm Beach, rank Nos. 3 and 4, respectively. The 69 foreclosure actions at Cityside Condominium are valued at $19.7 million, while the 67 actions at the Spa at Sunset Isles are valued at $14.9 million, according to the report.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .

Copyright © 2008, Condo Vultures® LLC

Read Condo Reviews Before Signing the Dotted Line

Fri, 03 Oct 2008 16:36:53 GMT

When you’re at an open house, the realtor is not going to tell you every single detail about a condo for sale or rent. Think about it, if you were told every negative aspect about a property, you would be hesitant about opening your check book, right. So, before you even consider signing the dotted line, make sure you check out what current residents are saying first.

Finding condo reviews, takes a little research on your part. To find out whether a condo unit is worth investing your money in, you have to get information from the source. You can get reviews the hard way and stand in front of a condo and get residents opinions about their condo experience as they leave the building …they’ll probably think you’re on the sunny side of weird and snub you. Or you can do it the non-humiliating way and find condo reviews on the Internet.

Keep one thing in mind; the majority of condo review sites are limited and site owners can easily pay to have positive reviews. The good news is, buyers and renters will soon be able to review both biased and unbiased reviews from actual residents, nationally, right here at Condo.com.